Sunday, February 3, 2008

Updated Short Scan for Telechart

I have been tinkering with my main short scan in Telechart for the past day or so and the charts that I am getting from this updated scan are closer to what I am looking for in a short, so for those interested, here is the updated Easy Scan with PCF's:

PCF #1 - Down 15% in last 25-30 Days, but up at least 5% in last 5-7 days.

I have tinkered with the number of days from 25 to 30 and also 5 to 7 and this seems to work well, although you can try to change them for your own preferences.

PCF #2 - Short Scan - Within 5% of 50 day moving average.

C >= (AVGC50 * .95) AND C < (AVGC50 * 1.05)

PCF #3 - Volume Decreasing on Rally

AVGV7 < AVGV7.7

I have also tinkered with the number of days with this PCF and sometimes don't include it in the main scan and just look at the volume myself.That is the basic part of the scan - you can set your own volume and price requirements with Easy Scan conditions, and I also add a BOP filter and a 1 year price growth filter as well, but this is optional. Running this scan this weekend, I got some of the following charts to look at as possible shorts if we keep rallying over the next few days.

ABB

AGU

ARD

FWLT

GIGMMTNCharts from Telechart2007, Courtesy of Worden Brothers, Inc.

These charts all have good volume patterns and are the ones I will be focusing when the market tells us it is time to short again. On my watchlist are also the following stocks: SCHN, CCOI, GTI, FUL, VIP, SGR, OMG, AG, and DSX. Some of these look like very good possible shorts, while others have a few flaws in their volume patterns. All of these are worth keeping on a watchlist over the next week or so if this bounce does indeed start failing as I expect it to. Good luck next week, and go Giants! (I'm a Steelers fan, so I am just rooting against the Pats.)

Overall Market Timing Score

March 20, 2014 -2March 19, 2014 +1(Max Score +6, Min Score -6)

The Market Timing Score has six factors that I record on a daily basis. These include breadth indicators, moving average indicators, accumulation and distribution indicators, and overbought and oversold indicators.

The max score of the Market Timing Score is +6, but this is very rare. Typically a score of +4 or +5 tells you that the market is very bullish. A score of +3 or +2 tells you that the market is bullish, but there are a few reasons for concern. A score of +1 or 0 tells you that cash is the best place to be. The scores work the exact same way on the negative side for bearish markets.

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Chart Swing Trader is a website intended for the education of online stock traders. The website is an information service only. The information provided herein is not to be construed as recommendations to buy or sell stocks of any kind. They are simply the opinions of the author. It is possible that the editor of this blog may own, buy, or sell stocks presented. All investors should consult a qualified professional before trading any stock. The author is not an investment advisor. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts made by the author are committed at the reader's own risk, financial or otherwise.